The housing market continues to be the leading force in the economic recovery. By all measures and statistics, we are seeing the proof in the numbers. In the majority of towns in Fairfield County, sales and median sales price for single family homes are up dramatically from this time last year. The days on the market are down considerably. We are having the constant trend of low inventory and high demand plus homes taking accepted offers within days. There is an increase in multiple offer activity that is new to Fairfield County in recent years.
Top economists are having the same predictions to continue based on the treasure yield and job numbers.
“The 10 year yield rose to its highest level in June at .81%. Investors are more confident about the economy as there are signs of progress over the new coronavirus stimulus package including payroll support to the airlines.
However, treasure yields remain extremely low, below 1%, as the Fed keeps near zero interest rates. These ultra-low yields boost homebuying activity, raising home sales to higher than pre-pandemic levels.” Nadia Evangelou, Director of Forecasting, NAR
“Homes sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market. Further gains in sales are likely for the remainder of the year, with mortgage rates hovering around 3% and with continued job recovery” Lawrence Yun, NAR Chief Economist
Here is the breakdown of specific towns. It is worth noting that the increase and decrease percentages compared to last year are dramatic.
The current market stats are low inventory, an increase in accepted offers and the average selling price across towns ~ YTD sales were up in Fairfield (+30%), in Easton (+26%), Westport (+71%), Weston (+57%) and Wilton (+48%).
This is the perfect recipe for a seller!
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Click below for the latest market update in your town.
Fairfield Market Report 3Q 2020
Westport Market Report 3Q 2020